British Columbia’s mining industry is in a good position to withstand the challenges of 2020, having been prudent in its spending and expansion plans in the decade preceding the Covid-19 pandemic, which put much of the global economy on hold as governments worked to stop the spread of the virus.
In its latest ‘BC mine report’, PwC Canada reports that the current price volatility will mean mixed results for British Columbia’s mining industry, given that the province is the largest exporter of metallurgical coal and one of the biggest copper producers, but also a significant producer of gold.
The Covid-19 pandemic hit prices of industrial commodities, such as coal, copper, lead and zinc hard, but gold – considered a haven for investors – has experienced a price surge.